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JPEL Private Equity stock story

JPEL Private Equity Limited announces that its 10th largest underlying investment, Innovia, is set to be sold.

British Empire Trust holding JPEL Private Equity Limited has announced that The Smithfield Group LLP has agreed to sell Innovia, the global leader in specialty BOPP films and polymer banknote substrate, to CCL Industries Inc for CAD1.13bn. This sale is set to complete in the first quarter of 2017 and is likely to result in a realised investment return of approximately 3.2x and a IRR of 50.2% for JPEL on a Euro basis. Proceeds are expected to amount to EUR 32mn for JPEL, which is approximately EUR 16mn above current carrying value.

At 30 September 2016, Innovia represented 3.6% of JPEL’s total NAV and was valued at 1.6x JPEL’s cost on a Euro basis.

Read our January update for the manager’s commentary on the impact of the Trust’s investment in JPEL.

JPEL Private Equity Limited was 5.4% of the British Empire Trust portfolio as at 31 Dec 2016.

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